PHASE 3 - FINAL PHASE - Case Study Example

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Strategies to mitigate risks are conceptualized action plans that are developed after a serious evaluation of the possible threats that can affect a business like for this case, the apple company. The main reason why the risk mitigation strategies are developed is to see to it…
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Risk Mitigation Strategies Risk Mitigation Strategies Strategies to mitigate risks are conceptualized action plans that are developed after a serious evaluation of the possible threats that can affect a business like for this case, the apple company. The main reason why the risk mitigation strategies are developed is to see to it that the possible threat impacts are reduced if not eliminated prior to the real damage occurs. In the best practice of these strategies, all the potential risks, both known and unknown are analyzed accordingly as per their level and possibility of impacts associated with the occurrence of the risk (Marlene, 2011). Risk mitigation strategies are divided into four: Risk Acceptance, Risk Avoidance, Risk Limitation and Risk Transference.
Risk Acceptance
This is a kind of strategy where the owner of the Apple decides to accept that they are working under some risks and decided to live with it without doing anything. Accepting risks will not see to it that the negative impacts associated with the risks are reduced or eliminated completely. Risk acceptance strategy is usually a common option of choice when the calculated cost avoidance and/ or limitation as other strategies are deemed to be more than the cost of risk. Risks that don’t tend to happen frequently are always preferred to be accepted rather than being reduced or eliminated (Mark, Galai, & Clouhy, 2005). Apples outsourcing operation can therefore be only accepted since the cost of manufacturing these parts by itself, is much more expensive than the risk that accompanies it. The risks that are associated with the disruption of the other companies that Apple deals with also have a low likelihood of occurring.
Risk Avoidance
This is a strategy that sees to it that risk exposure is avoided at all costs. It is opposite to risk acceptance. In terms of cost of implementation, it is expensive than all the other three strategies of risk mitigation (Mark, Galai, & Clouhy, 2005). For the Apple scenario, an example can be Apple decides to manufacture its products so as to see to it that their fate does not rely on the functionality of other companies. This will be expensive in nature since it will mean that Apple will have to expand its size and bring more specialists in. Using this strategy will mean that Apple stops outsourcing for services and therefore come up with its own human capital which will be more expensive. The budget of apple will therefore shoot sky high but the risks related to reliance on other companies will have been avoided.
Risk Limitation
Most businesses prefer the risk limitation strategy compared to other strategies when it comes to risk management. The idea under this strategy is to see to it that the company exposure to risks is reduced to be insignificant as possible. This strategy borrows its concept from both risk acceptance and risk avoidance strategies unequally or even equally (Mark, Galai, & Clouhy, 2005). Apples should therefore accept its act of outsourcing as a risk and therefore look for alternatives so that in case of the failure on the part of outsourced team they can get an alternative team. In reference to partnership for high quality products, Apple should see to it that it has the majority of the partners on its side and the same time it has the capability to run on its own if some of the partners decide to delay or stop their role in the product development.
Risk Transference
This is a strategy that is characterized by the involvement of the third party that is willing so as to see to it that the loss that might come from the risk is shared and therefore insignificant in nature (Mark, Galai, & Clouhy, 2005). The Apple Company can decide to insure against outsourcing and partnership with the willing insurance company. This will see to it that the loss that might come due to these two activities is paid by the insurance company.
Marlene G. (2011). Risk Mitigation Strategies and Risk Mitigation Plan. Bright Hub Project Management. Retrieved from risk-mitigation-strategies-and-risk-mitigation-plan/#imgn_2
Mark, R., Galai, D., & Crouhy, M. (2005). The Essentials of Risk Management. New York, NY: McGraw-Hill Read More
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